 "GVK Power & Infra widens to Rs 171 crore in Q4")
The flagship firm of Hyderabad-based GVK group had reported a consolidated net loss of Rs 20.88 crore during the corresponding quarter of 2011-12.
Net sales of the company also declined nearly 24% to Rs 500.07 crore during the quarter as GVK reported a loss of Rs 39.85 crore in its power business, it said in a filing to the BSE. During the corresponding quarter of FY12, it had reported a net sales of Rs 657.59 crore.
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The losses incurred by the power segment of GVK negated the impact of nearly 46% increase in its revenues from the airport segment at Rs 473.46 crore and 12% rise in roads segment at Rs 65.71 crore.
Besides, company's annual fee to Airport Authority of India, for operating two airports at Mumbai and Bengaluru, jumped 50% (at Rs 187.31 crore) during the quarter. Due to this, GVK's consolidated expenses, at Rs 614.10 crore, was more than its net sales at Rs 500.07 crore.
For the year ended March, 2013, GVK reported a consolidated net loss of Rs 335.97 crore vis-a-vis Rs 61.46 crore profit of 2011-12.
Besides, its net sales also increased marginally by 4.65% at Rs 2,607.65 crore as it was impacted by over 46% decline in gross revenues from the power business at Rs 895.45 crore.
The fall in income from the power segment also negated the impact of 2.45 times increase in revenues from the airport segment (at Rs 1,462.12 crore). Besides, nearly 55% rise in GVK's interest outgo at Rs 707.93 crore during the year also impacted its financial results.
As on March, 31, its total borrowings stood at Rs 17,085.20 crore, while it has cash and cash equivalents of Rs 2,080.16 crore.
Shares of the company were being traded at Rs 9.48 apiece on the BSE at 1430 hours, up 2.16% from their previous close.